Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (54 quarters reported)
$643M in Q2 2013 → $984M now. Hover for any quarter.
As reported for the quarter ended September 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| JP J P Morgan Exchange Trades F | 13.7% | Added 57% | 2,205,299 | $135M |
| Calumet Inc | 10.1% | Trimmed 5.0% | 1,906,206 | $99.8M |
| OP Occidental Petrol Corp | 5.4% | Trimmed 41% | 967,395 | $53.5M |
| S Sunoco LP | 4.2% | Unchanged | 565,822 | $41.2M |
| ET Energy Transfer LP | 3.0% | Unchanged | 1,473,560 | $29.1M |
| Apple Inc | 2.6% | Trimmed 0.6% | 78,263 | $26.1M |
| DM Dorchester Minerals LP | 2.6% | Added 1.6% | 925,684 | $26M |
| BH Berkshire Hathaway Inc Cl B | 2.6% | Unchanged | 50,700 | $25.2M |
| HS Hf Sinclair Copr | 2.5% | Trimmed 6.3% | 228,380 | $24.5M |
| VE Valero Energy Copr New | 2.5% | Trimmed 3.0% | 62,424 | $24.2M |
| Newmont Corp | 2.2% | Trimmed 3.0% | 189,307 | $21.8M |
| Plains All American Pipeline LP | 2.0% | Unchanged | 823,061 | $19.5M |
| BA British Amer Tobacco F Sponsored ADR | 1.9% | Unchanged | 343,016 | $18.7M |
| Citigroup Inc | 1.9% | Trimmed 3.6% | 143,020 | $18.5M |
| Western Midstream Partners LP | 1.8% | Added 8.9% | 408,023 | $18.1M |
| Cisco Systems Inc | 1.7% | Trimmed 2.0% | 152,508 | $16.4M |
| Abbvie | 1.7% | Trimmed 0.9% | 62,331 | $16.3M |
| Altria Group Inc | 1.6% | Unchanged | 235,728 | $15.9M |
| Amgen Inc | 1.5% | Trimmed 0.6% | 35,818 | $15.1M |
| Cummins Inc | 1.5% | Trimmed 1.2% | 27,883 | $14.4M |
| EP Enterprise Products Partners LP | 1.4% | Unchanged | 398,768 | $14.2M |
| Chevron Corp | 1.4% | Unchanged | 68,368 | $14M |
| Verizon Communications Inc | 1.4% | Unchanged | 293,295 | $13.5M |
| Bank Of America Corp | 1.3% | Trimmed 1.9% | 238,906 | $13M |
| GS Glodman Sachs Group | 1.3% | Unchanged | 14,407 | $13M |
| Wells Fargo & Co | 1.3% | Trimmed 1.9% | 156,544 | $12.5M |
| Mplx LP | 1.3% | Unchanged | 221,452 | $12.5M |
| Pepsico Inc | 1.1% | Added 96% | 87,385 | $11.1M |
| AT&T Inc | 1.1% | Trimmed 0.9% | 431,263 | $10.5M |
| Markel Group Inc | 1.0% | Added 200% | 6,000 | $10.3M |
| Pfizer Inc | 1.0% | Unchanged | 345,049 | $9.84M |
| MC Microsoft Copr | 0.9% | Unchanged | 17,877 | $9.17M |
| Kimberly-clark Corp | 0.9% | Added 0.5% | 88,748 | $8.65M |
| SW Select Water Solutions Inc Cl A | 0.8% | Unchanged | 409,161 | $8.1M |
| Hp Inc | 0.8% | Unchanged | 251,744 | $7.87M |
| Bristol-myers Squibb Co | 0.8% | Unchanged | 125,138 | $7.81M |
| SU Schwab Us Dividend Equity ETF | 0.8% | Added 5.8% | 229,830 | $7.48M |
| AR Alliance Resource Par LP | 0.7% | Added 2.2% | 264,797 | $6.43M |
| WP W P Carey Inc Com | 0.6% | Added 5.9% | 96,247 | $6.22M |
| Hormel Foods Corp | 0.6% | Added 1.6% | 303,472 | $6.05M |
| VI Virtus Infracap Us Pref Stck ETF | 0.6% | New | 285,821 | $5.64M |
| Universal Corp | 0.6% | Added 0.8% | 134,972 | $5.64M |
| OP Occidental Pete Corp Wts Exp 08/03/2027 | 0.5% | Trimmed 67% | 154,425 | $5.13M |
| Rlj Lodging Trust | 0.5% | Added 20% | 208,897 | $5.02M |
| PA Procter And Gamble Co | 0.5% | Added 9.8% | 32,840 | $4.77M |
| WC Weyerhaeuser Co Com | 0.4% | Added 292% | 229,236 | $4.37M |
| Ah Realty Trust Inc | 0.4% | Added 75% | 700,000 | $4.27M |
| M Mcdonalds Corp | 0.4% | New | 18,224 | $4.21M |
| Kinder Morgan Inc | 0.4% | Unchanged | 136,684 | $4.12M |
| SP Starwood Property Trust Inc | 0.4% | Added 48% | 299,901 | $4.05M |
| United Parcel Service Inc | 0.4% | Added 1.1% | 42,273 | $3.95M |
| SC Sun Communities REIT | 0.4% | Added 60% | 35,570 | $3.94M |
| Delek Logistics Partners LP | 0.4% | Added 5.2% | 73,963 | $3.94M |
| GX Global X Fds Glbl X Mlp ETF | 0.4% | Added 2.8% | 67,781 | $3.61M |
| RI Realty Income Copr REIT | 0.3% | Added 0.4% | 62,686 | $3.4M |
| NR Nnn REIT Inc Com | 0.3% | Unchanged | 78,933 | $3.24M |
| Rayonier Inc | 0.3% | New | 167,348 | $3.07M |
| SS Select Sector SPDR Trust | 0.3% | New | 110,000 | $3.02M |
| BO Blue Owl Capital Inc Com Cl A | 0.3% | Unchanged | 289,496 | $2.63M |
| Peabody Energy Corp | 0.2% | Unchanged | 100,000 | $2.44M |
Showing top 60 of 94 positions.
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2026 · filed October 08, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| JP J P Morgan Exchange Trades F | Added | +797,239 | +$48.8M | 13.7% |
| OP Occidental Petrol Corp | Trimmed | −682,654 | −$37.8M | 5.4% |
| OP Occidental Pete Corp Wts Exp 08/03/2027 | Trimmed | −313,887 | −$10.4M | 0.5% |
| Markel Group Inc | Added | +4,000 | +$6.85M | 1.0% |
| VI Virtus Infracap Us Pref Stck ETF | New | +285,821 | +$5.64M | 0.6% |
| Pepsico Inc | Added | +42,803 | +$5.42M | 1.1% |
| Calumet Inc | Trimmed | −100,000 | −$5.24M | 10.1% |
| M Mcdonalds Corp | New | +18,224 | +$4.21M | 0.4% |
| WC Weyerhaeuser Co Com | Added | +170,782 | +$3.25M | 0.4% |
| Rayonier Inc | New | +167,348 | +$3.07M | 0.3% |
Showing the 10 largest of 56 changes.
quarter ended June 30, 2026 · filed July 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| JP J P Morgan Exchange Trades F | New | +1,408,060 | +$86.5M | 9.8% |
| JP J P Morgan Exchange Traded F | Exited | −1,087,055 | −$60.4M | — |
| Calumet Inc | Trimmed | −1,196,026 | −$43.1M | 8.2% |
| Berkshire Hathaway Inc | Added | +17,755 | +$8.88M | 2.9% |
| Markel Group Inc | Added | +950 | +$1.86M | 0.4% |
| SP Starwood Property Trust Inc | Added | +107,272 | +$1.76M | 0.4% |
| OP Occidental Petrol Corp | Trimmed | −32,704 | −$1.59M | 9.1% |
| BO Blue Owl Capital Inc Com Cl A | Added | +170,000 | +$1.49M | 0.3% |
| Western Midstream Partners LP | Added | +32,718 | +$1.43M | 1.9% |
| Goldman Sachs Bdc Inc | Trimmed | −147,063 | −$1.39M | 0.2% |
Showing the 10 largest of 57 changes.
quarter ended March 31, 2026 · filed April 27, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| OP Occidental Petrol Corp | Trimmed | −1,600,000 | −$104M | 12.3% |
| Calumet Inc | Trimmed | −1,954,039 | −$70.2M | 12.9% |
| JP J P Morgan Exchange Traded F | New | +1,087,055 | +$60.4M | 6.8% |
| Berkshire Hathaway Inc | Added | +26,108 | +$12.5M | 1.8% |
| PA Procter And Gamble Co | Added | +15,561 | +$2.25M | 0.3% |
| Markel Group Inc | New | +1,050 | +$2.01M | 0.2% |
| DM Dorchester Minerals LP | Added | +73,412 | +$1.99M | 2.7% |
| EP Enterprise Products Pptnslp | Added | +34,100 | +$1.29M | 1.7% |
| Microsoft Corp | Added | +3,400 | +$1.26M | 0.7% |
| MP Meta Platforms Inc Class A | New | +1,938 | +$1.11M | 0.1% |
Showing the 10 largest of 52 changes.
quarter ended December 31, 2025 · filed January 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| OP Occidental Petrol Corp | Trimmed | −250,000 | −$10.3M | 17.8% |
| HF Hormel Foods Copr | New | +255,275 | +$6.05M | 0.8% |
| Kraft Heinz Co | Exited | −212,024 | −$5.52M | — |
| Calumet Inc | Trimmed | −250,000 | −$4.97M | 13.5% |
| Plymouth Industrial REIT Inc | Exited | −108,000 | −$2.41M | — |
| BC Broadcom Inc Com | New | +6,703 | +$2.32M | 0.3% |
| Verizon Communications | Added | +54,647 | +$2.23M | 1.6% |
| EP Enterprise Products Pptnslp | Added | +68,000 | +$2.18M | 1.5% |
| Apple Inc | Trimmed | −7,394 | −$2.01M | 2.8% |
| DM Dorchester Minerals LP | Added | +68,177 | +$1.52M | 2.4% |
Showing the 10 largest of 56 changes.
quarter ended September 30, 2025 · filed October 09, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| DM Dorchester Minerals LP | Added | +129,567 | +$3.35M | 2.5% |
| Berkshire Hathaway Inc | Added | +6,093 | +$3.06M | 0.4% |
| Kraft Heinz Co | Trimmed | −85,829 | −$2.23M | 0.7% |
| AR Alliance Resource Par LP | Trimmed | −79,448 | −$2.01M | 0.8% |
| EP Enterprise Products Pptnslp | Added | +48,434 | +$1.51M | 1.2% |
| Goldman Sachs Group | Trimmed | −1,825 | −$1.45M | 1.3% |
| Pfizer Inc | Added | +45,242 | +$1.15M | 1.1% |
| United Parcel Service | Trimmed | −12,147 | −$1.01M | 0.4% |
| SP Starwood Property Trust Inc | Trimmed | −50,966 | −$987K | 0.1% |
| Plymouth Industrial REIT Inc | Added | +30,268 | +$676K | 0.3% |
Showing the 10 largest of 43 changes.
quarter ended June 30, 2025 · filed July 08, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SU Schwab Us Dividend Equity ETF | New | +231,786 | +$6.14M | 0.9% |
| Altria Group Inc | Trimmed | −34,108 | −$2M | 2.0% |
| BA British Amer Tobacco F Sponsored ADR | Trimmed | −38,967 | −$1.84M | 2.3% |
| DM Dorchester Minerals LP | Added | +57,600 | +$1.6M | 2.4% |
| Citigroup Inc | Trimmed | −18,809 | −$1.6M | 1.8% |
| Hf Sinclair Corp | Trimmed | −34,524 | −$1.42M | 1.4% |
| Apple Inc | Trimmed | −6,781 | −$1.39M | 2.5% |
| Cisco Systems Inc | Trimmed | −19,778 | −$1.37M | 1.5% |
| SU Schwab Us Large-cap Growth ETF | New | +46,573 | +$1.36M | 0.2% |
| Abbvie | Trimmed | −7,126 | −$1.32M | 1.7% |
Showing the 10 largest of 61 changes.
quarter ended March 31, 2025 · filed April 21, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AT&T | Trimmed | −196,649 | −$5.56M | 1.7% |
| Verizon Communications | Trimmed | −59,854 | −$2.71M | 1.6% |
| Cvr Energy Inc | Exited | −103,540 | −$1.94M | — |
| Newmont Corp | Trimmed | −36,957 | −$1.78M | 1.5% |
| Bank Of America | Trimmed | −42,688 | −$1.78M | 1.5% |
| DM Dorchester Minerals LP | Trimmed | −52,327 | −$1.57M | 2.3% |
| Kimberly-clark Corp | Trimmed | −10,598 | −$1.51M | 1.4% |
| SB Star Bulk Carriers Copr | Exited | −100,000 | −$1.5M | — |
| Kinder Morgan Inc | Trimmed | −50,307 | −$1.44M | 0.5% |
| Medical Properties Trust Inc | Trimmed | −225,000 | −$1.36M | 0.2% |
Showing the 10 largest of 53 changes.
quarter ended December 31, 2024 · filed January 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SJ Smucker J M Co | Exited | −38,688 | −$4.69M | — |
| United Parcel Service | Added | +23,584 | +$2.97M | 0.7% |
| Delek Logistics Partners LP | New | +60,187 | +$2.54M | 0.3% |
| Hf Sinclair Corp | Added | +58,981 | +$2.07M | 1.1% |
| Cummins Inc | Trimmed | −5,561 | −$1.94M | 1.3% |
| Kraft Heinz Co | Added | +59,974 | +$1.84M | 1.2% |
| OP Occidental Petrol Corp | Trimmed | −34,032 | −$1.68M | 22.4% |
| SB Star Bulk Carriers Copr | New | +100,000 | +$1.5M | 0.2% |
| Peabody Energy Corp | New | +65,000 | +$1.36M | 0.2% |
| Bank Of America | Trimmed | −30,670 | −$1.35M | 1.7% |
Showing the 10 largest of 40 changes.
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